Mirus Announces Large Funding Round to Expand Spine Portfolio

By Carolyn LaWell

Mirus Announces Large Funding Round to Expand Spine Portfolio

MiRus, a company focused on using proprietary Rhenium-based alloys for spine and extremity implants, finalized an oversubscribed $65 million funding round. The announcement is the largest publicly disclosed funding we can remember in recent years.

The funding round was led by Mammoth Scientific and is expected to grow the company’s spine presence and assist in expansion into structural heart disease.

Technology at a Glance

The Atlanta-based MiRus is building an implant portfolio based on its molybdenum rhenium (MoRe) superalloy. The material is reportedly stronger, more fatigue resistant and biofriendly than cobalt, titanium and nickel-based alloys. MoRe requires less material than typical orthopedic alloys for durability and strength, allowing MiRus to develop low-profile implants.

Since its founding in 2015, MiRus has built spine, foot and ankle and structural heart product portfolios. Its spine portfolio is the most extensive, thus far, and includes thoracolumbar pedicle screws, a 3D printed interbody fusion system, anterior cervical plate and expandable interbody.

MiRus has also launched enabling technology. The GALILEO Spine Alignment Monitoring System provides intra-operative measurements to aid in selecting and positioning implants. At the time of its FDA 510(k) clearance, it was reportedly the first product that could intra-operatively measure sagittal plane alignment without the need for repeated imaging. Additionally, the GALILEO RPM is a remote monitoring system that collects physiologic data, tracks patient outcomes, and provides education.

In February, MiRus announced a lifetime limited warranty covering full replacement of rods and corresponding hardware used in spinal fusions, should the rod fracture. At the time, Jay Yadav, M.D., Founder and CEO of MiRus, said, “Because of our confidence in the science behind the MoRe alloy technology, MiRus is taking the extra step to warranty each MoRe rod implanted for the duration of the patient’s life. This is a testament to our belief in MoRe’s dramatically superior mechanical and biological properties.”

In announcing the new funding round, MiRus’ Chief Commercial Officer Mahesh Krishna commented on the past and present for the company.

“Over the last two years, spine surgeons have been highly enthusiastic regarding our lumbar and cervical products and in response we are rapidly expanding our product portfolio with launches of highly innovative offerings for expandable and standalone interbodies, adult and pediatric deformity systems and posterior cervical systems. We are also thrilled to be launching GALILEO™ RPM (Remote Physiologic Monitoring), the only spine surgery focused outcomes and analytics platform,” he said. “We are rapidly expanding our national sales and distribution network with multiple contracts with GPO, IDN, IHN and regional health networks around the country.”

The company is heavily focused on the spine market to date but plans to build more extensive orthopedic and heart disease portfolios. It will be interesting to watch how MiRus prioritizes and balances its product commercialization in the orthopedic space. Additionally, while the company boasts it has 15 years of data backing its MoRe superalloy, its ability to get the message and data across to surgeons is likely to be a key factor in its growth.

Leadership at a Glance

MiRus is led by Dr. Yadav, a well-regarded interventional cardiologist and entrepreneur who has sold companies to St. Jude Medical, Johnson & Johnson and Boston Scientific. He’s also the Chief Investment Officer at Mammoth Scientific, which has supported MiRus since its inception. At the helm is a veteran surgeon and seasoned executive who knows what it takes to fund and build a startup.

He’s built an executive team with experience at DePuy Synthes, Zimmer Biomet, Orthofix and RTI.

Carolyn LaWell is ORTHOWORLD’s Chief Content Officer.

Tags: Funding